BlackRock-Backed Arrival in Talks to Go Public Via SPAC

Arrival Ltd., a maker of electric vans and buses backed by investors including BlackRock Inc., is in talks to combine with CIIG Merger Corp., a blank-check firm, according to people with knowledge of the matter.

CIIG, a special purpose acquisition company, is in discussions with investors about raising $400 million to $500 million in new equity to support a transaction for the startup, said some of the people, who asked not to be identified because the matter is private. The enterprise value of the combined company is set to be $5 billion to $6 billion, one of the people said.